| [August 05, 2015] |
 |
Accretive Health Reports Second Quarter 2015 Results
Accretive Health, Inc. (OTC Pink: ACHI) today announced results for the
three months ended June 30, 2015. The Company also filed its Quarterly
Report on Form 10-Q for the quarter ended June 30, 2015, with the
Securities and Exchange Commission (SEC).
Financial Summary:
-
For the second quarter of 2015, GAAP net services revenue was $22.1
million, and GAAP net loss was $26.3 million, compared with GAAP net
services revenue of $59.0 million and GAAP net loss of $16.8 million
reported in the second quarter of 2014.
-
Gross cash generated from customer contracting activities for the
second quarter of 2015 was $47.2 million, compared to $56.5 million
for the second quarter of 2014.
-
Net cash generated from customer contracting activities for the second
quarter of 2015 was negative $6.6 million, compared to negative $3.8
million for the second quarter of 2014.
"Accretive Health is now current with its periodic SEC filing
requirements and filed its 10-Q for the second quarter of 2015 on a
timely basis. This is an important milestone, and reflects tremendous
effort by many Accretive Health colleagues. We are pleased to return to
the normal reporting cycle for a publicly-traded company," said Emad
Rizk, M.D., President and Chief Executive Officer of Accretive Health.
The Company currently serves 79 hospitals with collective net patient
revenue (NPR) of $16.5 billion. NPR represents net revenue collected
annually by the Company's customers from their patients and is not a
measure of the revenue the Company recognizes.
2015 Outlook
Accretive Health continues to expect gross cash generated from customer
contracting activities of $230 million to $240 million for 2015. The
Company also continues to expect net cash generated from customer
contracting activities to be at the lower end of the $30 million to $40
million previously communicated guidance range.
Conference Call and Webcast Details
Accretive Health's management team will host a conference call today at
3:30 p.m. CT (4:30 p.m. ET) to discuss the second quarter 2015 results
and business outlook for 2015. To participate, please dial 866-277-1184
(617-597-5360 outside the U.S. and Canada) using conference code number
14514307, or visit the Investor Relations section of Accretive Health's
web site at www.accretivehealth.com
to access the live webcast. A replay will be available for one week
following the conference call at 888-286-8010 (617-801-6888 outside the
U.S. and Canada) using conference code number 42299890. A replay of the
conference call will also be available online at www.accretivehealth.com.
Accompanying slides will be posted to the Investor Relations section of
Accretive Health's web site at www.accretivehealth.com.
Non-GAAP Financial Measures
In order to provide a more comprehensive understanding of the
information used by Accretive Health's management team in financial and
operational decision making, the Company supplements its GAAP
consolidated financial statements with certain non-GAAP financial
measures, which are included in this press release. These include gross
and net cash generated from customer contracting activities, and
adjusted EBITDA. Our Board and management team use these non-GAAP
measures as (i) one of the primary methods for planning and forecasting
overall expectations and for evaluating actual results against such
expectations; and (ii) as a performance evaluation metric in determining
achievement of certain executive incentive compensation programs, as
well as for incentive compensation plans for employees.
Gross cash generated from customer contracting activities is defined as
GAAP net services revenue, plus the change in deferred customer
billings. Accordingly, gross cash generated from customer contracting
activities is the sum of (i) invoiced or accrued net operating fees,
(ii) cash collections on incentive fees and (iii) other services fees.
Net cash generated from customer contracting activities reflects
non-GAAP adjusted EBITDA and the change in deferred customer billings.
Adjusted EBITDA is defined as net income before net interest income
(expense), income tax provision, depreciation and amortization expense,
share-based compensation expense, restatement-related expense,
reorganization-related expense and certain non-recurring items. The use
of adjusted EBITDA to measure operating and financial performance is
limited by our revenue recognition criteria, pursuant to which GAAP net
services revenue is recognized at the end of a contract or other
contractual agreement event. Adjusted EBITDA does not adequately match
corresponding cash flows from customer contracting activities. As a
result, the Company uses gross cash and net cash generated from customer
contracting activities to better compare cash flows to operating
performance.
Deferred customer billings include the portion of both (i) invoiced or
accrued net operating fees and (ii) cash collections of incentive fees,
in each case, that have not met our revenue recognition criteria.
Deferred customer billings are included in the detail of our customer
liabilities balance in the consolidated balance sheet available in the
Company's Quarterly Report on Form 10-Q for the quarter ended June 30,
2015.
Table 4 presents a reconciliation of GAAP revenue to gross cash
generated from customer contracting activities, and Table 5 presents a
reconciliation of GAAP net loss, the most comparable GAAP measure, to
adjusted EBITDA and net cash generated from customer contracting
activities, in each case, for each of the periods indicated. These
adjusted measures are non-GAAP and should be considered in addition to,
but not as a substitute for, the information prepared in accordance with
GAAP.
Safe Harbor
This press release contains forward-looking statements, including the
Company's ability to generate specified levels of cash from contracting
activities. All forward-looking statements contained in this press
release involve risks and uncertainties. The Company's actual results
and outcomes could differ materially from those anticipated in these
forward-looking statements as a result of various factors, including the
factors set forth under the heading, "Risk Factors" in its Annual Report
on Form 10-K for the year ended December 31, 2014, filed with the SEC on
June 23, 2015, and its Quarterly Report on Form 10-Q for the quarterly
period ended June 30, 2015, filed with the SEC on August 5, 2015. The
words "strive," "objective," "anticipates," "believes," "estimates,"
"expects," "intends," "may," "plans," "projects," "vision," "would," and
similar expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying
words. The Company has based these forward-looking statements on its
current expectations and projections about future events. Although the
Company believes that the expectations underlying any of its
forward-looking statements are reasonable, these expectations may prove
to be incorrect and all of these statements are subject to risks and
uncertainties. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions, projections, or
expectations prove incorrect, actual results, performance, financial
condition, or events may vary materially and adversely from those
anticipated, estimated, or expected.
All forward-looking statements included in this press release are
expressly qualified in their entirety by these cautionary statements.
The Company cautions readers not to place undue reliance on any
forward-looking statement that speaks only as of the date made and to
recognize that forward-looking statements are predictions of future
results, which may not occur as anticipated. Actual results could differ
materially from those anticipated in the forward-looking statements and
from historical results, due to the uncertainties and factors described
above, as well as others that the Company may consider immaterial or
does not anticipate at this time. Although the Company believes that the
expectations reflected in its forward-looking statements are reasonable,
the Company does not know whether its expectations may prove correct.
The Company's expectations reflected in its forward-looking statements
can be affected by inaccurate assumptions it might make or by known or
unknown uncertainties and factors, including those described above. The
risks and uncertainties described above are not exclusive, and further
information concerning the Company and its business, including factors
that potentially could materially affect its financial results or
condition or relationships with customers and potential customers, may
emerge from time to time. The Company assumes no, and it specifically
disclaims any, obligation to update, amend, or clarify forward-looking
statements to reflect actual results or changes in factors or
assumptions affecting such forward-looking statements. The Company
advises investors, however, to consult any further disclosures it makes
on related subjects in our periodic reports that it files with or
furnishes to the SEC.
About Accretive Health
At Accretive Health, our mission is to partner with healthcare
communities to serve as a catalyst for a healthier future for all. For
more information, visit www.accretivehealth.com.
|
|
|
Table 1
|
|
Accretive Health, Inc.
|
|
Condensed Consolidated Balance Sheets
|
|
($ in thousands)
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
121,897
|
|
|
$
|
145,167
|
|
|
Restricted cash
|
|
-
|
|
|
5,000
|
|
|
Accounts receivable, net
|
|
3,382
|
|
|
4,438
|
|
|
Prepaid income taxes
|
|
5,665
|
|
|
6,138
|
|
|
Current deferred tax assets
|
|
61,030
|
|
|
62,322
|
|
|
Other current assets
|
|
11,951
|
|
|
7,389
|
|
|
Total current assets
|
|
203,925
|
|
|
230,454
|
|
|
Property, equipment and software, net
|
|
24,347
|
|
|
14,594
|
|
|
Non-current deferred tax assets
|
|
235,817
|
|
|
201,163
|
|
|
Goodwill and other assets, net
|
|
46
|
|
|
162
|
|
|
Total assets
|
|
$
|
464,135
|
|
|
$
|
446,373
|
|
|
Liabilities and stockholders' equity (deficit)
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
10,193
|
|
|
$
|
12,488
|
|
|
Current portion of customer liabilities
|
|
228,042
|
|
|
219,998
|
|
|
Accrued compensation and benefits
|
|
12,153
|
|
|
14,983
|
|
|
Other accrued expenses
|
|
11,190
|
|
|
15,680
|
|
|
Total current liabilities
|
|
261,578
|
|
|
263,149
|
|
|
Non-current portion of customer liabilities
|
|
381,925
|
|
|
317,065
|
|
|
Other non-current liabilities
|
|
10,845
|
|
|
8,405
|
|
|
Total liabilities
|
|
654,348
|
|
|
588,619
|
|
|
Stockholders' equity (deficit):
|
|
|
|
|
|
Common stock, $0.01 par value, 500,000,000 shares authorized,
102,890,241
|
|
|
|
|
|
|
|
shares issued and 97,945,709 shares outstanding at June 30, 2015;
102,890,241
|
|
|
|
|
|
|
|
shares issued and 98,112,019 shares outstanding at December 31, 2014
|
|
1,029
|
|
|
1,029
|
|
|
Additional paid-in capital
|
|
316,631
|
|
|
307,075
|
|
|
Accumulated deficit
|
|
(454,250
|
)
|
|
(397,517
|
)
|
|
Accumulative other comprehensive loss
|
|
(2,036
|
)
|
|
(1,763
|
)
|
|
Treasury stock
|
|
(51,587
|
)
|
|
(51,070
|
)
|
|
Total stockholders' equity (deficit)
|
|
(190,213
|
)
|
|
(142,246
|
)
|
|
Total liabilities and stockholders' equity (deficit)
|
|
$
|
464,135
|
|
|
$
|
446,373
|
|
|
|
|
Table 2
|
|
Accretive Health, Inc.
|
|
Condensed Consolidated Statements of Operations
|
|
($ in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Net services revenue
|
|
$
|
22,085
|
|
|
$
|
58,975
|
|
|
$
|
33,056
|
|
|
$
|
71,939
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of services
|
|
42,762
|
|
|
47,949
|
|
|
84,958
|
|
|
92,881
|
|
|
Selling, general and administrative
|
|
20,969
|
|
|
19,458
|
|
|
38,331
|
|
|
36,824
|
|
|
Restatement and other
|
|
611
|
|
|
18,760
|
|
|
1,886
|
|
|
54,061
|
|
|
Total operating expenses
|
|
64,342
|
|
|
86,167
|
|
|
125,175
|
|
|
183,766
|
|
|
Loss from operations
|
|
(42,257
|
)
|
|
(27,192
|
)
|
|
(92,119
|
)
|
|
(111,827
|
)
|
|
Net interest income
|
|
69
|
|
|
52
|
|
|
74
|
|
|
152
|
|
|
Loss before income tax provision
|
|
(42,188
|
)
|
|
(27,140
|
)
|
|
(92,045
|
)
|
|
(111,675
|
)
|
|
Income tax benefit
|
|
15,900
|
|
|
10,341
|
|
|
35,312
|
|
|
40,153
|
|
|
Net loss
|
|
$
|
(26,288
|
)
|
|
$
|
(16,799
|
)
|
|
$
|
(56,733
|
)
|
|
$
|
(71,522
|
)
|
|
Net loss per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.27
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(0.59
|
)
|
|
$
|
(0.75
|
)
|
|
Diluted
|
|
$
|
(0.27
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(0.59
|
)
|
|
$
|
(0.75
|
)
|
|
Weighted average shares used in calculating net loss per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
95,941,077
|
|
|
95,753,302
|
|
|
95,915,255
|
|
|
95,738,326
|
|
|
Diluted
|
|
95,941,077
|
|
|
95,753,302
|
|
|
95,915,255
|
|
|
95,738,326
|
|
|
Consolidated statements of comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
(26,288
|
)
|
|
(16,799
|
)
|
|
(56,733
|
)
|
|
(71,522
|
)
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
(221
|
)
|
|
21
|
|
|
(273
|
)
|
|
259
|
|
|
Comprehensive loss
|
|
$
|
(26,509
|
)
|
|
$
|
(16,778
|
)
|
|
$
|
(57,006
|
)
|
|
$
|
(71,263
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 3
|
|
Accretive Health, Inc.
|
|
Condensed Consolidated Statements of Cash Flows
|
|
($ in thousands)
|
|
|
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
|
2015
|
|
2014
|
|
|
|
(Unaudited)
|
|
Operating activities:
|
|
|
|
|
|
Net loss
|
|
$
|
(56,733
|
)
|
|
$
|
(71,522
|
)
|
|
Adjustments to reconcile net loss to net cash provided by (used in)
operations:
|
|
|
|
|
|
Depreciation and amortization
|
|
3,818
|
|
|
2,876
|
|
|
Share-based compensation
|
|
12,576
|
|
|
18,081
|
|
|
Loss on disposal
|
|
-
|
|
|
223
|
|
|
Recoveries for doubtful receivables
|
|
(45
|
)
|
|
(494
|
)
|
|
Deferred income taxes
|
|
(36,369
|
)
|
|
(39,226
|
)
|
|
Excess tax benefits from share-based awards
|
|
-
|
|
|
(176
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
1,101
|
|
|
11,646
|
|
|
Prepaid income taxes
|
|
445
|
|
|
(54
|
)
|
|
Other assets
|
|
(4,472
|
)
|
|
(2,954
|
)
|
|
Accounts payable
|
|
(7,540
|
)
|
|
1,987
|
|
|
Accrued compensation and benefits
|
|
(2,830
|
)
|
|
(895
|
)
|
|
Other liabilities
|
|
(2,038
|
)
|
|
(7,180
|
)
|
|
Customer liabilities
|
|
72,904
|
|
|
14,403
|
|
|
Net cash used in operating activities
|
|
(19,183
|
)
|
|
(73,285
|
)
|
|
Investing activities:
|
|
|
|
|
|
Purchases of property, equipment and software
|
|
(8,348
|
)
|
|
(1,650
|
)
|
|
Net cash used in investing activities
|
|
(8,348
|
)
|
|
(1,650
|
)
|
|
Financing activities:
|
|
|
|
|
|
Restricted cash released from letter of credit
|
|
5,000
|
|
|
-
|
|
|
Excess tax benefit from share-based awards
|
|
-
|
|
|
176
|
|
|
Purchase of treasury stock
|
|
(517
|
)
|
|
(217
|
)
|
|
Net cash provided by (used in) financing activities
|
|
4,483
|
|
|
(41
|
)
|
|
Effect of exchange rate changes on cash
|
|
(222
|
)
|
|
205
|
|
|
Net decrease in cash and cash equivalents
|
|
(23,270
|
)
|
|
(74,771
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
145,167
|
|
|
228,891
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
121,897
|
|
|
$
|
154,120
|
|
|
|
|
|
|
|
|
Supplemental disclosure of non-cash investing activities
|
|
|
|
|
|
Accounts payable related to purchases of property, equipment and
software
|
|
$
|
5,250
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 4
|
|
Accretive Health, Inc.
|
|
Reconciliation of GAAP revenue to Gross Cash Generated from
Customer Contracting Activities
|
|
($ in thousands)
|
|
|
|
|
|
Three Months Ended
|
|
2015 vs. 2014
|
|
Six Months Ended
|
|
2015 vs. 2014
|
|
|
|
June 30,
|
|
Change
|
|
June 30,
|
|
Change
|
|
|
|
2015
|
|
2014
|
|
Amount
|
|
%
|
|
2015
|
|
2014
|
|
Amount
|
|
%
|
|
GAAP Net Services Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RCM services: net operating fee
|
|
$
|
9,560
|
|
|
$
|
23,491
|
|
|
$
|
(13,931
|
)
|
|
(59.3)%
|
|
$
|
13,170
|
|
|
$
|
24,956
|
|
|
$
|
(11,786
|
)
|
|
(47.2)%
|
|
RCM services: incentive fee
|
|
6,105
|
|
|
26,964
|
|
|
(20,859
|
)
|
|
(77.4)%
|
|
8,005
|
|
|
29,106
|
|
|
(21,101
|
)
|
|
(72.5)%
|
|
Other service fees
|
|
6,420
|
|
|
8,520
|
|
|
(2,100
|
)
|
|
(24.6)%
|
|
11,881
|
|
|
17,877
|
|
|
(5,996
|
)
|
|
(33.5)%
|
|
Net services revenue (GAAP basis)
|
|
22,085
|
|
|
58,975
|
|
|
(36,890
|
)
|
|
(62.6)%
|
|
33,056
|
|
|
71,939
|
|
|
(38,883
|
)
|
|
(54.0)%
|
|
Change in deferred customer billings
|
|
25,133
|
|
|
(2,513
|
)
|
|
27,646
|
|
|
n.m.
|
|
69,060
|
|
|
42,011
|
|
|
27,049
|
|
|
64.4%
|
|
Gross cash generated from customer contracting activities
|
|
$
|
47,218
|
|
|
$
|
56,462
|
|
|
$
|
(9,244
|
)
|
|
(16.4)%
|
|
$
|
102,116
|
|
|
$
|
113,950
|
|
|
$
|
(11,834
|
)
|
|
(10.4)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of Gross Cash Generated from
Customer Contracting Activities:
|
|
|
|
|
|
|
|
|
|
RCM services: net operating fee
|
|
$
|
27,050
|
|
|
$
|
29,455
|
|
|
$
|
(2,405
|
)
|
|
(8.2)%
|
|
$
|
57,239
|
|
|
$
|
64,230
|
|
|
$
|
(6,991
|
)
|
|
(10.9)%
|
|
RCM services: incentive fee
|
|
14,511
|
|
|
18,487
|
|
|
(3,976
|
)
|
|
(21.5
|
)%
|
|
32,642
|
|
|
31,842
|
|
|
800
|
|
|
2.5%
|
|
Total RCM services fees
|
|
41,561
|
|
|
47,942
|
|
|
(6,381
|
)
|
|
(13.3
|
)%
|
|
89,881
|
|
|
96,072
|
|
|
(6,191
|
)
|
|
(6.4)%
|
|
Other service fees
|
|
5,657
|
|
|
8,520
|
|
|
(2,863
|
)
|
|
(33.6
|
)%
|
|
12,235
|
|
|
17,878
|
|
|
(5,643
|
)
|
|
(31.6)%
|
|
Gross cash generated from customer contracting activities
|
|
$
|
47,218
|
|
|
$
|
56,462
|
|
|
$
|
(9,244
|
)
|
|
(16.4)%
|
|
$
|
102,116
|
|
|
$
|
113,950
|
|
|
$
|
(11,834
|
)
|
|
(10.4)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*n.m. - not meaningful
|
|
|
Table 5
|
|
Accretive Health, Inc.
|
|
Reconciliation of GAAP Net Loss to Net Cash Generated from
Customer Contracting Activities
|
|
($ in thousands)
|
|
|
|
|
|
Three Months Ended
|
|
2015 vs. 2014
|
|
Six Months Ended
|
|
2015 vs. 2014
|
|
|
|
June 30,
|
|
Change
|
|
June 30,
|
|
Change
|
|
|
|
2015
|
|
2014
|
|
Amount
|
|
%
|
|
2015
|
|
2014
|
|
Amount
|
|
%
|
|
Net income (loss)
|
|
$
|
(26,288
|
)
|
|
$
|
(16,799
|
)
|
|
$
|
(9,489
|
)
|
|
56.5
|
%
|
|
$
|
(56,733
|
)
|
|
$
|
(71,522
|
)
|
|
$
|
14,789
|
|
|
(20.7
|
)%
|
|
Net interest income
|
|
(69
|
)
|
|
(52
|
)
|
|
$
|
(17
|
)
|
|
32.7
|
%
|
|
(74
|
)
|
|
(152
|
)
|
|
$
|
78
|
|
|
(51.3
|
)%
|
|
Income tax benefit
|
|
(15,900
|
)
|
|
(10,341
|
)
|
|
$
|
(5,559
|
)
|
|
53.8
|
%
|
|
(35,312
|
)
|
|
(40,153
|
)
|
|
$
|
4,841
|
|
|
(12.1
|
)%
|
|
Depreciation and amortization expense
|
|
2,101
|
|
|
1,471
|
|
|
$
|
630
|
|
|
42.8
|
%
|
|
3,818
|
|
|
2,876
|
|
|
$
|
942
|
|
|
32.8
|
%
|
|
Share-based compensation expense
|
|
7,807
|
|
|
5,707
|
|
|
$
|
2,100
|
|
|
36.8
|
%
|
|
13,003
|
|
|
10,467
|
|
|
$
|
2,536
|
|
|
24.2
|
%
|
|
Restatement and other
|
|
611
|
|
|
18,760
|
|
|
$
|
(18,149
|
)
|
|
(96.7
|
)%
|
|
1,886
|
|
|
54,061
|
|
|
$
|
(52,175
|
)
|
|
(96.5
|
)%
|
|
Adjusted EBITDA
|
|
(31,738
|
)
|
|
(1,254
|
)
|
|
$
|
(30,484
|
)
|
|
n.m.
|
|
(73,412
|
)
|
|
(44,423
|
)
|
|
$
|
(28,989
|
)
|
|
65.3
|
%
|
|
Change in deferred customer billings
|
|
25,133
|
|
|
(2,513
|
)
|
|
$
|
27,646
|
|
|
n.m.
|
|
69,060
|
|
|
42,011
|
|
|
$
|
27,049
|
|
|
64.4
|
%
|
|
Net cash generated from customer contracting activities
|
|
$
|
(6,605
|
)
|
|
$
|
(3,767
|
)
|
|
$
|
(2,838
|
)
|
|
75.3
|
%
|
|
$
|
(4,352
|
)
|
|
$
|
(2,412
|
)
|
|
$
|
(1,940
|
)
|
|
80.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*n.m. - not meaningful
|
|
|
Table 6
|
|
Accretive Health, Inc.
|
|
Share-Based Compensation Expense
|
|
($ in thousands)
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Share-based Compensation Expense Allocation Details:
|
|
|
|
|
|
|
|
|
|
Cost of services
|
|
$
|
1,204
|
|
|
$
|
2,209
|
|
|
$
|
2,604
|
|
|
$
|
3,878
|
|
Selling, general and administrative
|
|
6,603
|
|
|
3,498
|
|
|
10,399
|
|
|
6,589
|
|
Restatement and other costs
|
|
-
|
|
|
2,317
|
|
|
-
|
|
|
7,905
|
|
Total share-based compensation expense
|
|
$
|
7,807
|
|
|
$
|
8,024
|
|
|
$
|
13,003
|
|
|
$
|
18,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 7
|
|
Accretive Health, Inc.
|
|
Depreciation and Amortization Expense
|
|
($ in thousands)
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Cost of services
|
|
$
|
1,826
|
|
|
$
|
1,115
|
|
|
$
|
3,308
|
|
|
$
|
2,089
|
|
Selling, general and administration
|
|
275
|
|
|
356
|
|
|
510
|
|
|
787
|
|
Total depreciation and amortization
|
|
$
|
2,101
|
|
|
$
|
1,471
|
|
|
$
|
3,818
|
|
|
$
|
2,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 8
|
|
Accretive Health, Inc.
|
|
Condensed Consolidated Non-GAAP Financial Information
|
|
($ in thousands)
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net services revenue
|
|
$
|
22,085
|
|
|
$
|
58,975
|
|
|
$
|
33,056
|
|
|
$
|
71,939
|
|
|
Increase (decrease) in deferred customer billings
|
|
|
25,133
|
|
|
|
(2,513
|
)
|
|
|
69,060
|
|
|
|
42,011
|
|
|
Gross cash generated from customer contracting activities
|
|
|
47,218
|
|
|
|
56,462
|
|
|
|
102,116
|
|
|
|
113,950
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses1:
|
|
|
|
|
|
|
|
|
|
Cost of services
|
|
|
39,732
|
|
|
|
44,625
|
|
|
|
79,046
|
|
|
|
86,914
|
|
|
Selling, general and administrative
|
|
|
14,091
|
|
|
|
15,604
|
|
|
|
27,422
|
|
|
|
29,448
|
|
|
Sub-total
|
|
|
53,823
|
|
|
|
60,229
|
|
|
|
106,468
|
|
|
|
116,362
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash generated from customer contracting activities
|
|
$
|
(6,605
|
)
|
|
$
|
(3,767
|
)
|
|
$
|
(4,352
|
)
|
|
$
|
(2,412
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash generated margin
|
|
|
(14.0%
|
)
|
|
|
(6.7%
|
)
|
|
|
(4.3%
|
)
|
|
|
(2.1%
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Excludes share-based compensation, depreciation and
amortization, and restatement and other costs.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150805006448/en/
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